Highly Successful Dispensary Owners are Implementing 280E Cannabis Accounting Best Practices

Dispensary owners are using the Dispensary Accounting Best Practices Checklist to improve their financial operations and implement IRC 280E policies and procedures. Since IRC 280E does not allow dispensary owners to take deductions and credits allowed by other businesses, dispensary business owners must implement industry specific accounting best practices to minimize their tax liability while maintaining federally mandated compliance.

By reviewing their accounting operations and implementing these accounting best practices, dispensary owners are taking a proactive approach to IRC 280E compliance and preparing audit ready financial policies and systems.

This list provides a foundation to building your accounting function to be 280E audit ready and should be used as you expand and grow your operations. The dispensary best practices checklist was created for dispensary owners but can also be implemented by cultivators and processors because the basic principles still apply. It provides all verticals the tools they need to be prepared just in case they receive a Notice of Deficiency from the IRS and helps to avoid hefty fines and penalties.

This checklist will help you:

To take a holistic approach to your entire accounting and reporting function.
To minimize tax liability by implementing cost accounting specific to your business.
Be 280E audit ready by implementing simple accounting best practices for general ledger and financial reporting.
Implement basic business processes for inventory and cash management.

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